Bank of Canada cuts key lending rate to 4.25%, benefiting variable-rate mortgage holders.
The Bank of Canada has cut its key lending rate to 4.25%, benefiting variable-rate mortgage holders by reducing monthly payments by about $15 per $100,000 borrowed for each quarter-point decrease. However, experts caution that significant demand in the housing market may not materialize immediately, as many potential buyers await further rate reductions. Fixed-rate mortgage holders will only see impacts upon renewal, and high home prices remain a concern.
September 04, 2024
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